PROTECT FEDERAL FINANCIAL AID AND EDUCATION OVERSIGHT
Late last year, while reauthorizing the Higher Education Act, Republicans on the House Committee on Education and the Workforce approved the PROSPER Act (H.R.4508). This harmful bill decreases federal financial aid and rolls back regulations that protect students from predatory for-profit colleges and trade schools.
The PROSPER Act ends three important financial aid programs: the Public Service Loan Forgiveness program, subsidized student loans that allow low income students to avoid interest payments while in school, and the Federal Supplemental Educational Opportunity Grant. It also increases minimum loan repayments, eliminates debt forgiveness horizons, and requires a minimum monthly payment even for borrowers near and below the poverty line. Modeling by the Center for American Progress shows that these changes may raise loan repayments for low income students by tens of thousands of dollars and increase the time they are repaying loans by decades. In addition, the PROSPER Act eliminates key safeguards that protect students, including the “90/10 rule” (which bars for-profit colleges from getting more than 90% of their revenue from federal aid), as well as the gainful employment regulation (which prevents career training programs with poor educational outcomes from receiving federal money). The bill also weakens regulatory power by removing states' power to oversee online schools, and it hinders state efforts to hold student loan providers accountable.
By making it harder for students to afford higher education, the PROSPER Act prioritizes private industry interests while increasing the burden on Americans.
Call this office:
Paul D. Ryan R-WI
Hello, my name is [NAME] and I’m a constituent from Kenosha.
I am calling to ask Rep. Paul D. Ryan to oppose the PROSPER Act (H.R. 4508) because this bill makes it harder for students to afford higher education and eliminates regulations that protect students from predatory for-profit schools.
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